July 2, 2024 Superior Plus Corp. RBC Quick Take: Announces departure of Curtis Philippon, President of Certarus
TSX: SPB | CAD 8.87 | Outperform | Price Target CAD 15.00 Sentiment: Negative
Our Take We expect the departure of Curtis Philippon to have a negative impact on the shares of Superior Plus because Mr. Philippon's leadership at Certarus over the past ten years played a key role in its growth (CEO of Certarus since 2016). However, now that Certarus has grown in size and has a deep and experienced team, we expect a smooth leadership transition in the coming months. Superior Plus completed the acquisition of Certarus in May 2023, so we believe it may not be a big surprise for some investors since CEOs of acquired companies tend not to stay too long, and the CEO role at Gibson Energy is a great opportunity for Mr. Philippon.
Details Superior Plus announced that Curtis Philippon, Executive Vice President, Superior Plus and President, Certarus has decided to leave Superior Plus to take the CEO role at Gibson Energy. Mr. Phlippon will be available over the next two months to support leadership transition. Mr Philippon originally joined Certarus as the Vice President Finance & CFO in June 2014, and progressed to Certarus President & CEO in November 2016 and EVP Superior Plus in February 2024.